According to a report by FMI, sales of Oxycodone Market are projected to increase globally between 2021 and 2031 at a CAGR of 4.8%. Through 2021, it is anticipated that the market for oxycodone would surpass a valuation of US$ 4.6 billion due to the rising need for efficient pain management options.
The prevalence of chronic conditions like HIV and fibromyalgia, as well as the increased availability of prescription pharmaceuticals like analgesics for cancer treatment and post-surgical pain, are what are driving the need for oxycodone.
According to a study by the American Society of Plastic Surgeons, in 2020 around 2,314,720 cosmetic surgical and over 6,878,486 reconstructive procedures were conducted in the U.S. As the opioid pain-relieving drug plays a significant role in post-surgical pain management, the increasing number of surgeries is expected to skyrocket the demand for oxycodone in the coming years.
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North America is dominating the global oxycodone market. Owing to the presence of prominent market players and increasing sales of oxycodone in countries such as the U.S. and Canada, the North American market is projected to reach a valuation of around US$ 1.85 billion through 2021.
“Companies operating the oxycodone market are increasingly investing in R&D activities for launching novel drugs and emphasizing of receiving regulatory product approval to expand their product portfolio to address the increasing demand for pain management medications,” says the FMI analyst.
Key Takeaways from Oxycodone Market Analysis:
- The U.S. is likely to account for the largest share in the global oxycodone market due to high expenditure on healthcare. As per a study by the Centers for Medicare & Medicaid Services (CMS), the healthcare expenditure in the country has increased by 4.6% in 2019.
- Owing to high demand for pain-relieving drugs in the countries like the U.K., Germany among others, the sales for oxycodone in the European market are expected to grow at a CAGR of 5% over the forecast period.
- In Middle East and Africa, Gulf countries are dominating the market supported by high investment towards the expansion of the advanced healthcare sector.
- India is expected to emerge as a lucrative market for oxycodone on the back of increasing demand for pain management solutions due to high prevalence of cancer in the country.
- Hospital pharmacies are dominating the distribution channel segment owing to the increased purchasing power and higher footfall of patients.
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Key Drivers:
- Increasing incidence of chronic diseases such as lower back pain, arthritis, and others are fueling the demand for oxycodone.
- Rising number of surgical procedures is boosting the sales of oxycodone-based drugs.
- Ongoing development in the products pipeline is expected to boost the growth of the market.
- Surging demand for effective pain-management solution is bolstering the market revenue of oxycodone.
Key Restraints:
- Addictive nature of oxycodone is a factor hampering the growth of the market.
- Adverse effects associated with the drug such as nausea, drowsiness, constipation are negatively affecting the sales of oxycodone.
- Availability of substitutes for opioids is restraining the growth of oxycodone.
Competitive Landscape:
The market for oxycodone is highly fragmented owing to the presence of numerous companies. Leading players are investing in developing new products and focusing on receiving product approval from regulatory authorities to enhance their portfolio. Besides this, some of the market players are engaging in strategic collaborations and agreements to expand their market share. For instance,
- Teva Pharmaceutical Industries Ltd., an Israel-based pharmaceutical company, received FDA approval for its new product named, VANTRELATM ER extended-release tablets for managing daily severe pain.
- Purdue Pharma, a pharmaceutical company based in the U.S. announced signing an agreement with U.S. Department of Justice to provide opioid of a valuation of around $10 billion in opioid crisis to claimants and communities.
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Key players operating in the oxycodone market profiled by FMI includes:
- Teva Pharmaceutical Industries Ltd.
- Purdue Pharma L.P
- Daiichi Sankyo
- Acorda Therapeutics
- Teikoku Pharma USA, Inc.
- Mylan N.V
- Endo Pharmaceuticals Inc.
- Janssen Pharmaceuticals, Inc.
More Valuable Insights on Oxycodone Market
FMI, in its new report, offers an unbiased analysis of the global oxycodone market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on in oxycodone market with detailed segmentation:
By Oxycodone Type:
- Long-acting oxycodone
- Short-acting oxycodone
By Application:
- Pain Management
- De-addiction
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By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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